CNOOC Falls to 2-Month Low After Proposing to Change Auditor

CNOOC falls to the lowest intra-day level in two months in Hong Kong on Thursday, after announcing that it is proposing to change its independent auditor.

• Share fall as much as 5.8% to the lowest since Feb. 1
• CNOOC will not renew its contract with Deloitte Touche Tohmatsu and has proposed to appoint Ernst & Young as independent auditor of the company, it said in an exchange filing on Thursday
  • The change of auditor “was for good corporate governance and to ensure the independence of the auditors,” it said in filing
  • Appointment will take effect when the annual general meeting ...